About the Company
Headquartered in Midland, Texas, Diamondback Energy is an independent natural gas and oil company. As of 2020, it had a workforce of about 712 employees, with all its reserves located in the Permian Basin. By the end of 2019, it had estimated reserves of 1,127 million BOE that is 6.89×10⁹ GJ, 17% of which was natural gas, 20% of it was natural gas-liquid, and its remaining 60% was petroleum. Its activities are mainly focused on the horizontal exploitation of several intervals within the Spraberry, Bone Spring, Wolfcamp, Clearfork and Cline formations.
The company has a partnership with Rattler Midstream LP, a growth-oriented Delaware Ltd. This enables Diamondback to acquire, own, develop and operate infrastructure assets on Delaware and Midland Basins of the Permian Basin. Rattler offers midstream services related to crude oil, water and natural gas under a long-term fixed-free contract. It also has a partnership with Viper Energy Partners (VEP) that acquires and exploits natural gas and oil properties located in North America. IVEP provides unitholders significant returns by focusing on increasing distribution, pursuing accretive development and business results. It pursues accretive growth through the acquisitions from third parties and Diamondback Energy.
Diamondback started operating in December 2007 in Delaware and had about 4,174 acres of area in the Permian Basin. It went public in 2012 through an initial public offering and issued 12,500,000 shares of common stocks at an initial price of $17.50 per share. It trades in the NASDAQ stock exchange under the trading symbol FANG. On 3rd October 2018, FANG stock prices touched their highest ever at $139.92 per share, and exactly after two months, entered the S&P 500 component list.
It acquired assets from both Birmingham Resources Midstream, LLC and Birmingham Resources Operating, LLC for $2.55 billion in 2017. The next year, it acquired the assets of Ajax Resources in October and Energen in November. In 2020, it successfully acquired a place in Forbes Global 2020 list.;
|Organisation||Diamondback Energy Inc|
|Industry||Oil & Gas E&P|